Q1 2024 Mirion Technologies Inc Earnings Call Transcript
Key Points
- Mirion Technologies Inc reported a solid start to 2024 with total company organic revenue growth of 5.5% in Q1, aligning with expectations.
- The company's technologies business led with an 8% organic growth, contributing significantly to the overall performance.
- Adjusted EBITDA grew by 8% year-over-year, reaching nearly $40 million for the quarter, with a 40 basis point expansion in adjusted EBITDA margin.
- Mirion Technologies Inc successfully commercialized their instant dose view technology, indicating strong customer interest and potential market leadership in occupational dosimetry.
- The company reaffirmed its 2024 financial guidance, projecting organic revenue growth of 4% to 6% and adjusted EBITDA of $193 million to $203 million, reflecting confidence in continued strong performance.
- Order growth was relatively flat in Q1, attributed to the strong performance in the previous year and seasonal variations.
- The medical segment experienced only a 0.6% growth on both a reported and organic basis, impacted negatively by about $4 million due to ERP system implementation issues.
- Adjusted free cash flow was negative $4.5 million in Q1, with net working capital being a burn for the quarter.
- There are ongoing challenges in the French business segment, requiring continued strategic focus and improvement to enhance organic growth margins and capital efficiency.
- The company anticipates Q2 margin pressure in the technologies segment primarily due to product mix and ongoing investments in supply chain and procurement.
Hello and welcome to the Mirion Technologies' first quarter 2024 earnings conference. (Operator Instructions) Please note this event is being recorded. I would now like to hand the call over to Alex Gaddy, Senior Vice President of Strategy and Investor Relations.
Good morning, everyone, and thank you for joining Mirion's first quarter 2024 earnings call. A reminder that comments made during this presentation will include forward looking statements and actual results may differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ are discussed in our annual report on Form 10 K and quarterly reports on Form 10-Q that we file from time to time with the SEC under the caption Risk Factors and in Myriad's other filings with the SEC.
Quarterly references within today's discussion are related to the first quarter ended March 31, 2024. Comments made during this call will also include certain
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